HELP WITH A VOLUME INICATOR!
FYI
I'm sure some indi-whizz could do that but...
Volume in MT4 is merely 'number of ticks in period for your broker'
It may have some relevance for determining support & resistance but is not in any sense a 'depth of market' indication
Good Luck
-BB-
I agree with BarrowBoy.
At one point I created a Volume based indicator and when it was right it was really right, and when it was wrong it was really wrong. Meaning: Prices can still continue on in a direction, even if 'market interest' (Volume) is decreasing.
FWIW.
well, decreasing in volume doesn't mean the price cannot drop.
it means less volume pushing the price down only.
i almost launch my EA with a volume filter which works great. now i have second thoughts.
Thats so right
My best range trading EA got reamed last week when price surged - even though Volume was below average :(
Volume spikes can imply reversal on some pairs, but IMHO should only be judged in combination with e.g. CCI reversing from an extreme
-BB-
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HI ALL,
I WOULD VERY MUCH LOVE SOME HELP WITH A VOLUME INDICATOR IDEA.
WOULD IT BE POSSIBLE TO HAVE THE PRICE AT WHICH THE HIGHEST VOLUME WAS ACHIEVED IN ANY GIVE TIME FRAME BE HIGHLIGHTED ON THE BAR ITSELF ON THE CHART?
CURRENTLY IF I WANT TO KNOW THE EXACT PRICE AT WHICH THE MOST VOLUME CAME IN ON A 30MIN BAR, I BRING UP THE 1MIN CHART, LOCATE THE RELEVANT 30MINS AND LOOK FOR THE MINUTE BAR WITH HIGHEST VOLUME, FROM THERE IT'S STILL A GUESS AS TO THE ACTUAL PRICE THE MAJORITY OF VOLUME ARRIVED.
ANY HELP OR SUGGESTIONS WOULD BE APPRECIATED.
SHANNON.